Bitcoin Cash and IOTA Lose Most Blood During Overnight Dip

Around midnight last night (UTC) the crypto markets took a sudden plunge, and everyone woke up this morning to find stacks of red percentages.

Every coin in the Top-10 is glowing red; except Tether of course, which only seems to benefit from the downfall of others.

Right now those that have been worst hit are Bitcoin Cash and IOTA, both of which have lost 7.2% for the day. Both coins had been doing well in the past week, and are now feeling the pinch the worst out of the Top-10.

Bitcoin Cash Losses

BCH was flying high yesterday afternoon, reaching $808.23 before plunging down to $749.97. Interestingly, the trade volume hasn’t changed from this time yesterday, although it did see a $20 million dip for a few hours, when the market took the sudden hit.

The rate of loss since then hasn’t been so dramatic, but has certainly remained consistent. BCH coins pushed back up to $753.21 a couple of hours ago, but since then it has fallen back down to the $750 range.

This marks the end of a week-long positive trend for Bitcoin Cash, where it saw a succession of higher highs, and higher lows. Today breaks that pattern, yet BCH is still 15% up on its price at the start of the week. As long as this dip doesn’t last too long it should be able to hold onto those gains.

IOTA Price Dips

IOTA was one of the coins to benefit the most from the market surge of the last week, and grew 37% over the course of six days. That carried MIOTA coins from a price of $0.90 to $1.24 – but that trend has now screeched to a halt.

That high of $1.24 was recorded just before midnight, and in the twelve hours since has dissolved to $1.15.

IOTA’s recent growth was recorded here just a few days ago, with the team taking further strides forward toward real-world utilization of their Tangle technology. But high profile announcements haven’t been enough to hold back today’s rebound.

Outside the Top-10

Venturing further outside the Top-10 coins we come to Monero (XMR), which has shipped just under 7% today, while VeChain (VEN) has lost a similar amount of market cap.

Within the Top-20, Tezos (XTZ) is the worst hit today, with 19% losses recorded over 24 hours.

Bytecoin (BCN) has lost 13.5% of its value down in 27th place, after a week in which it gained 70% against the dollar.

Syscoin (SYS) fans should be worried, as a strong week of growth has suddenly reversed to the tune of 29.6% in the space of a day, although SYS saw a large spike on June 4th which may throw its numbers off.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.